Is the Hammer strong enough?

We have a signal from DNL for possible reversal. But this is a low reliability Hammer found at the 20-day SMA so we need a confirmation. It would have been better if its a Dragonfly Doji pattern or Green Hammer but still its good to speculate at this point for a possible bounce. If in case this will fail, our support near 6.50 or the 23.6% Fibonacci retracement level is just a few flucs away to call for additional backup support.

Caveat!

Leave a Reply